SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE
SAVINGS AND SIMILAR PLANS PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF [FEE REQUIRED]
For the fiscal year ended December 31, 1995.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 1 (d)
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 1-7182
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Merrill Lynch & Co., Inc 401(k) Savings and Investment Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Merrill Lynch & Co., Inc.,
World Financial Center
North Tower
250 Vessey Street
New York, N.Y. 10281-1334
Financial Statements and Exhibits.
----------------------------------
(a) Financial Statements for the Years Ended December 31, 1995 and 1994,
Supplemental Schedules for the Year Ended December 31, 1995 and
Independent Auditors' Report.
The financial statements required to be filed hereunder appear
commencing at page 2 hereof.
(b) Exhibits
(23) Consent of Independent Public Accountants (following financial
statements).
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange
---------
Act of 1934, the Administrative Committee (the persons who administer
the employee benefit plan) has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized, in
the City of New York, State of New York.
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
Date: June 28, 1996 By:/s/ DANIEL C. ROWLAND
_____________________________
DANIEL C. ROWLAND
Chairman, Administrative Committee
THE MERRILL LYNCH & CO., INC
401(k) SAVINGS & INVESTMENT PLAN
Financial Statements for the
Years Ended December 31, 1995 and 1994
Supplemental Schedules for the
Year Ended December 31, 1995 and
Independent Auditors' Report
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
TABLE OF CONTENTS
- ------------------------------------------------------------------------
Page
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 1995 AND 1994:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-11
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE
YEAR ENDED DECEMBER 31, 1995:
Schedule of Assets Held for Investment Purposes 12
Schedule of Reportable Transactions 13
INDEPENDENT AUDITORS' REPORT
Trustees of the Merrill Lynch & Co., Inc.
401(k) Savings & Investment Plan
We have audited the accompanying statements of net assets available for benefits
of the Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan (the "Plan")
as of December 31, 1995 and 1994 and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements and the supplemental schedules discussed below are the responsibility
of the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1995 and 1994 and the changes in net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
table of contents are presented for the purpose of additional analysis and are
not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in our audits of the basic financial statements, and in our opinion,
are fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
June 25, 1996
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
- -------------------------------------------------------------------------------
1995 1994
ASSETS:
Investments, at market value:
Common stock $ 189,744,619 $ 130,751,418
Funds and trusts 1,083,356,174 800,543,736
------------- -------------
Total investments 1,273,100,793 931,295,154
Cash 27,563,560 13,514,805
Employer contributions receivable 1,013,423 867,315
------------- -------------
Total assets 1,301,677,776 945,677,274
LESS LIABILITIES:
Payables to beneficiaries or employees 5,458,348 1,970,721
Payable to Employee Stock Ownership Plan - 1,349,507
------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS $ 1,296,219,428 $ 942,357,046
=============== ==============
See notes to financial statements.
- 2 -
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- -----------------------------------------------------------------------------------------------------------
1995 1994
ADDITIONS:
Investment income (loss) :
Net appreciation (depreciation) in fair value of investments $ 185,084,242 $ (63,775,881)
Dividends and interest 74,578,166 49,348,652
------------- ---------------
Total investment income (loss) 259,662,408 (14,427,229)
Contribution to the Plan by the Company 24,839,564 24,408,487
Contribution to the Plan by the employees 141,711,160 135,996,997
Rollovers from other qualified plans 1,637,303 922,907
Merger of Puerto Rico 401(k) Plan 614,859 -
------------- ---------------
Total additions 428,465,294 146,901,162
DEDUCTIONS:
Disbursements of benefits to beneficiaries or employees 74,064,849 56,440,795
Administrative expenses 538,063 531,516
------------- ---------------
Total deductions 74,602,912 56,972,311
------------- ---------------
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 353,862,382 89,928,851
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 942,357,046 852,428,195
---------------- ---------------
End of year $ 1,296,219,428 $ 942,357,046
================ ===============
See notes to financial statements.
- 3 -
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- ----------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the Merrill Lynch & Co., Inc. 401(k) Savings
& Investment Plan (the "Plan") is provided for general information
purposes only. Participants should refer to the Plan document for more
complete information. Terms used in this description have the same meaning
as in the Plan.
The Plan was adopted on April 23, 1987 and commenced activities on October
1, 1987. The purpose of the Plan is to encourage employees to save for
retirement. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
Subject to exclusions specified in the Plan, any Employee of Merrill Lynch
& Co., Inc. or of a participating subsidiary or affiliate (the "Company"
or "Employer") can elect to participate in the Plan providing such
Employee has worked for the Employer for 12 months. An Employee can elect
to participate in the Plan (if eligible) as of the first day of the
calendar quarter following 12 months of employment or the first day of any
month thereafter.
Each Participant may elect to make contributions to the Plan on a pre-tax
basis through payroll deductions from 1% to 15% of such Participant's
Eligible Compensation for each pay period up to an annual maximum of
$9,500 for 1995 (subject to certain exceptions described in the Plan and
periodic adjustments for cost-of-living increases for each calendar year).
A Participant can elect to change the rate at which his or her
contribution is determined.
The Company will make contributions, up to a maximum of $1,500, in an
amount equal to 50% of the first 4% of Eligible Compensation contributed
by a Participant for each calendar year. No Employer contributions will be
made for any calendar year for Employees who participate at any time
during such calendar year in the Company's Employee Stock Purchase Plan.
All Participants are always 100% vested in contributions to the Plan made
from their Eligible Compensation and in amounts rolled over from an
employer's qualified retirement plan. Participants are 100% vested in
Employer contributions when they attain age 65 or terminate employment
because of death.
Other Participants who terminate employment after October 31, 1993 will
become vested in Employer contributions and earnings based on complete
Years of Service after October 1, 1987: 1 Year of Service - 20% vested; 2
Years of Service - 40% vested; 3 Years of Service - 60% vested; 4 Years of
Service - 80% vested; and 5 Years of Service - 100% vested.
The Plan permits withdrawals relating to contributions and earnings under
certain conditions which are in accordance with the Internal Revenue Code
and the regulations thereunder.
As of December 15, 1995, the Puerto Rico 401(k) Plan was merged into the
Plan and its net assets available for benefits were accordingly
transferred into the Plan as of that date.
- 4 -
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Plan investments are maintained on a settlement date basis which is not
materially different than the trade date basis. All other accounting
records of the Plan are maintained on the accrual basis.
The accompanying financial statements do not include any investments in
Vocon and Deferred Profit Sharing Accounts, which are self-directed
Accounts, that were transferred into the Plan for administrative
convenience only.
The cost of security investments is based on the average cost method for
individual securities. Quoted market values of security investments are
based on the last sales price (if traded on December 31), the prevailing
bid price or the prevailing net asset value at the close of trading on
December 31.
3. INVESTMENTS
The Administrative Committee has the authority to designate Investment
Funds for the investment of accounts other than Vocon and Deferred Profit
Sharing Accounts, to determine which accounts can be self-directed and to
establish rules and procedures with respect to investment funds and
self-directed accounts.
All contributions to the Plan may be allocated among from one to four
investments selected by the Participant from among the investments
designated by the Administrative Committee.
During 1995 and 1994, the Plan's investments (including investments
bought, sold and held during each year) appreciated/(depreciated) in value
as follows:
Years Ended December 31,
1995 1994
Net change in fair value of investments:
Common stock $ 53,356,927 $ (22,623,197)
Funds and trusts 131,727,315 (41,152,684)
------------ --------------
$185,084,242 $ (63,775,881)
============ ==============
4. ADMINISTRATIVE EXPENSES
Plan expenses, including expenses of the Administrative Committee and
Trustee, to the extent not paid by the Plan, are paid by the Company.
5. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to terminate the Plan subject to the provisions of
ERISA.
6. TAX STATUS
The Internal Revenue Service has determined and informed the Company by a
letter dated July 13, 1995, that the Plan and related trust are designed
in accordance with applicable sections of the Internal Revenue Code
("IRC"). The Plan administrator believes that the Plan is designed and is
currently being operated in compliance with the applicable requirements of
the IRC. Therefore, no provision for income taxes has been included in the
Plan's financial statements.
- 5 -
7. FUND INFORMATION:
The following represents the changes in the net assets available for
benefit of the individual funds for the years ended December 31, 1995 and 1994:
Merrill Lynch - 1995
- ------------------------------------------------------------------------------------------------------------------------------
GSIF U.S. Gov.
Merrill Lynch Zero Coupon Equity Balanced Basic Value Capital
& Co., Inc.* Bond Series 3 Index Trust Fund Fund, Inc. Fund, Inc.
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 52,730,993 $ 7,646,517 $ 8,607,283 $ 29,620 $ 51,523,367 $ 24,942,374
Dividends and interest 3,695,446 120,951 - - 12,032,278 18,718,110
------------ ------------ ----------- -------- ------------ ------------
Total investment income (loss) 56,426,439 7,767,468 8,607,283 29,620 63,555,645 43,660,484
Contributions and rollovers to the Plan 18,520,279 3,325,362 5,599,638 120,221 27,831,754 21,059,945
Transfers from Puerto Rico 401(k) Plan 132,823 22,035 503 - 70,276 46,642
------------ ------------ ----------- -------- ------------ ------------
Total additions 75,079,541 11,114,865 14,207,424 149,841 91,457,675 64,767,071
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 10,117,119 1,263,329 1,957,178 21,252 12,327,116 9,265,416
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS (5,969,221) (1,169,560) 19,621 (3,124) (2,377,058) (2,281,244)
------------ ------------ ----------- -------- ------------ ------------
NET INCREASE (DECREASE) 58,993,201 8,681,976 12,269,867 125,465 76,753,501 53,220,411
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 130,751,418 28,929,040 20,725,485 151,274 186,340,976 127,121,810
------------ ------------ ----------- -------- ------------ ------------
End of year $189,744,619 $37,611,016 $32,995,352 $276,739 $263,094,477 $180,342,221
------------ ------------ ----------- -------- ------------ ------------
------------ ------------ ----------- -------- ------------ ------------
Merrill Lynch - 1995
- ------------------------------------------------------------------------------------------------
Corporate Corporate
Corporate Bond Fund - Bond Fund -
Bond Fund - Investment Intermediate
High Income Grade Term Euro
Portfolio Portfolio Portfolio Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 1,591,573 $ 4,317,875 $ 736,947 $ 325,596
Dividends and interest 2,533,480 2,761,742 521,629 819,149
----------- ----------- --------- ---------
Total investment income (loss) 4,125,053 7,079,617 1,258,576 1,144,745
Contributions and rollovers to the Plan 1,522,916 5,717,484 129,091 1,753,338
Transfers from Puerto Rico 401(k) Plan - 3,119 - -
----------- ----------- --------- ---------
Total additions 5,647,969 12,800,220 1,387,667 2,898,083
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 1,429,453 2,810,131 549,571 348,513
Administrative expenses - - - -
TRANSFERS AMONG FUNDS 3,582,303 (2,293,440) (153,268) (1,930,741)
----------- ----------- --------- ---------
NET INCREASE (DECREASE) 7,800,819 7,696,649 684,828 618,829
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 19,937,707 34,428,609 7,208,046 11,199,977
----------- ----------- --------- ---------
End of year $27,738,526 $42,125,258 $7,892,874 $11,818,806
----------- ----------- --------- ---------
----------- ----------- --------- ---------
(Continued)
- 6 -
The following represents the changes in the net assets available for
benefit of the individual funds for the years ended December 31, 1995 and 1994:
Merrill Lynch - 1995
-----------------------------------------------------------------------------------
Global Bond
Global Fund for Global Global Global
Fund For Allocation Investment Convertible Holdings Resources
Tomorrow Fund, Inc. & Retirement Fund Fund Trust
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 37,037 $ 14,506,569 $ 67,675 $ (3,864) $ 263,427 $ 313,050
Dividends and interest 51,024 11,106,695 88,503 69,269 192,391 31,938
---------- --------------- ------------- --------- ---------- ----------
Total investment income (loss) 88,061 25,613,264 156,178 65,405 455,818 344,988
Contributions and rollovers to the Plan 102,983 23,370,203 178,064 110,201 663,769 424,278
Transfers from Puerto Rico 401(k) Plan - 130,364 - - - -
---------- --------------- ------------- --------- ---------- ----------
Total additions 191,044 49,113,831 334,242 175,606 1,119,587 769,266
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 30,396 5,957,854 34,129 30,848 119,146 161,493
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS 146,814 (10,506,404) (447,808) (54,821) (667,179) (1,107,665)
---------- --------------- ------------- --------- ---------- ----------
NET INCREASE (DECREASE) 307,462 32,649,573 (147,695) 89,937 333,262 (499,892)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 298,539 104,757,189 1,251,705 533,618 3,252,156 3,905,704
---------- --------------- ------------- --------- ---------- ----------
End of year $ 606,001 $ 137,406,762 $ 1,104,010 $ 623,555 $3,585,418 $3,405,812
---------- --------------- ------------- --------- ---------- ----------
---------- --------------- ------------- --------- ---------- ----------
Merrill Lynch - 1995
-------------------------------------------------------------------
Growth
Global Fund For
Utility Investment Healthcare Pacific Phoenix
Fund & Retirement Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 353,932 $ 12,340,773 $ 1,326,987 $ 1,641,509 $ 1,017,680
Dividends and interest 122,511 7,660,538 210,199 1,073,537 502,783
---------- ------------ ------------- ------------- -------------
Total investment income (loss) 476,443 20,001,311 1,537,186 2,715,046 1,520,463
Contributions and rollovers to the Plan 413,243 15,786,547 618,425 5,233,809 2,375,733
Transfers from Puerto Rico 401(k) Plan - 135,185 - 29,459 -
---------- ------------ ------------- ------------- -------------
Total additions 889,686 35,923,043 2,155,611 7,978,314 3,896,196
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 74,905 3,820,297 204,389 1,189,536 357,327
Administrative expenses - - - - -
TRANSFERS AMONG FUNDS (521,414) 4,208,693 687,934 9,741,739 967,512
---------- ------------ ------------- ------------- -------------
NET INCREASE (DECREASE) 293,367 36,311,439 2,639,156 16,530,517 4,506,381
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 2,035,903 43,815,252 2,614,124 18,777,662 5,024,559
---------- ------------ ------------- ------------- -------------
End of year $2,329,270 $ 80,126,691 $ 5,253,280 $ 35,308,179 $ 9,530,940
---------- ------------ ------------- ------------- -------------
---------- ------------ ------------- ------------- -------------
(Continued)
- 7 -
Merrill Lynch - 1995
------------------------------------------------------------------------------------
Cash
Retirement Retirement Special Strategic Management
Preservation Reserves Value Dividend Technology Account
Trust Money Fund Fund Fund Fund Money Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ - $ 686,122 $ 43,005 $ 38,195 $ -
Dividends and interest 3,902,438 5,839,312 276,035 43,219 1,285,158 919,831
------------ ------------- -------------- ------------ ------------- ----------
Total investment income 3,902,438 5,839,312 962,157 86,224 1,323,353 919,831
Contributions and rollovers to the Plan 6,471,761 19,814,132 1,041,149 91,048 5,912,654 -
Transfers from Puerto Rico 401(k) Plan 2,028 27,267 - - 7,204 -
------------ ------------- -------------- ------------ ------------- ----------
Total additions 10,376,227 25,680,711 2,003,306 177,272 7,243,211 919,831
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 4,690,406 16,267,718 140,021 4,436 892,870 -
Administrative expenses - - - - - 538,063
TRANSFERS AMONG FUNDS 40,818 (5,521,599) 3,138,055 63,337 593,531 (2,372,720)
------------ ------------- -------------- ------------ ------------- ----------
NET INCREASE (DECREASE) 5,726,639 3,891,394 5,001,340 236,173 6,943,872 (1,990,952)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 38,036,694 117,630,417 1,832,859 160,959 14,200,504 3,052,740
------------ ------------- -------------- ------------ ------------- ----------
End of year $ 43,763,333 $ 121,521,811 $6,834,199 $397,132 $ 21,144,376 $1,061,788
------------ ------------- -------------- ------------ ------------- ----------
------------ ------------- -------------- ------------ ------------- ----------
Employer
Contributions 1995
Cash Receivable Total
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ - $ 185,084,242
Dividends and interest - - 74,578,166
----------- ---------- --------------
Total investment income - - 259,662,408
Contributions and rollovers to the Plan - - 168,188,027
Transfers from Puerto Rico 401(k) Plan 7,954 - 614,859
----------- ---------- --------------
Total additions 7,954 - 428,465,294
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees - - 74,064,849
Administrative expenses - - 538,063
TRANSFERS AMONG FUNDS 14,040,801 146,108 -
----------- ---------- --------------
NET INCREASE (DECREASE) 14,048,755 146,108 353,862,382
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 13,514,805 867,315 942,357,046
----------- ---------- --------------
End of year $27,563,560 $1,013,423 $1,296,219,428
----------- ---------- --------------
----------- ---------- --------------
(Continued)
- 8 -
Merrill Lynch - 1994
----------------------------------------------------------
GSIF U.S. Gov.
Merrill Lynch Zero Coupon Equity Balanced Basic Value
& Co., Inc.* Bond Series 3 Index Trust Fund Fund, Inc.
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (22,623,753) $ (1,900,734) $ 405,613 $ (30,334) $ (8,797,344)
Dividends and interest 3,196,427 - - 19,453 11,895,815
--------------- -------------- ----------- ----------- --------------
Total investment income (loss) (19,427,326) (1,900,734) 405,613 (10,881) 3,098,471
Contributions and rollovers to the Plan 17,842,343 3,454,044 5,393,145 105,683 28,172,962
--------------- -------------- ----------- ----------- --------------
Total additions (1,584,983) 1,553,310 5,798,758 94,802 31,271,433
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 6,706,493 1,704,021 1,468,959 20,303 10,198,903
Administrative expenses - - - - -
TRANSFERS AMONG FUNDS (2,911,382) 3,940,073 (3,177,060) 2,991 (13,084,746)
--------------- -------------- ----------- ----------- --------------
NET INCREASE (DECREASE) (11,202,858) 3,789,362 1,152,739 77,490 7,987,784
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 141,954,276 25,139,678 19,572,746 73,784 178,353,192
--------------- -------------- ----------- ----------- --------------
End of year $ 130,751,418 $ 28,929,040 $ 20,725,485 $ 151,274 $ 186,340,976
--------------- -------------- ------------ ----------- --------------
--------------- -------------- ------------ ----------- --------------
---------------------------------------------------------------------------------
Corporate Corporate
Corporate Bond Fund- Bond Fund-
Bond Fund- Investment Intermediate
Capital High Income Grade Term Euro
Fund, Inc. Portfolio Portfolio Portfolio Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (10,616,207) $ (2,639,098) $ (4,305,551) $ (842,099) $ (359,282)
Dividends and interest 11,625,879 2,048,514 2,481,675 528,896 1,207,126
--------------- --------------- --------------- ------------- ---------------
Total investment income (loss) 1,009,672 (590,584) (1,823,876) (313,203) 847,844
Contributions and rollovers to the Plan 21,673,826 1,044,474 6,467,958 127,204 3,158,680
--------------- --------------- --------------- ------------- ---------------
Total additions 22,683,498 453,890 4,644,082 (185,999) 4,006,524
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 6,810,718 67,657 1,984,749 455,238 368,540
Administrative expenses - - - - -
TRANSFERS AMONG FUNDS (11,498,933) (431,339) (2,602,020) (221,790) (7,208,216)
--------------- --------------- --------------- ------------- ---------------
NET INCREASE (DECREASE) 4,373,847 (45,106) 57,313 (863,027) (3,570,232)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 122,747,963 19,982,813 34,371,296 8,071,073 14,770,209
--------------- --------------- --------------- ------------- ---------------
End of year $ 127,121,810 $ 19,937,707 $ 34,428,609 $ 7,208,046 $ 11,199,977
--------------- -------------- -------------- ------------ --------------
--------------- -------------- -------------- ------------ --------------
(Continued)
- 9 -
Merrill Lynch - 1994
----------------------------------------------------------------------------------
Global Bond
Global Fund for Global Global Global
Fund For Allocation Investment Convertible Holdings Resources
Tomorrow Fund, Inc. & Retirement Fund Fund Trust
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (30,342) $ (8,639,746) $ (161,270) $ (22,904) $ (292,561) $ (176,664)
Dividends and interest 16,349 6,157,915 83,674 16,710 134,126 53,068
------------ ---------------- ------------- ----------- ------------ ------------
Total investment income (loss) (13,993) (2,481,831) (77,596) (6,194) (158,435) (123,596)
Contributions and rollovers to the Plan 45,935 26,147,982 263,668 149,424 676,416 398,646
------------ ---------------- ------------- ----------- ------------ ------------
Total additions 31,942 23,666,151 186,072 143,230 517,981 275,050
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 1,314 5,639,866 1,052,604 14,599 28,015 75,987
Administrative expenses - - - - - -
TRANSFERS AMONG FUNDS 147,175 (6,521,568) 839,505 (29,836) 1,235,301 2,764,158
------------ ---------------- ------------- ----------- ------------ ------------
NET INCREASE (DECREASE) 177,803 11,504,717 (27,027) 98,795 1,725,267 2,963,221
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 120,736 93,252,472 1,278,732 434,823 1,526,889 942,483
------------ ---------------- ------------- ----------- ------------ ------------
End of year $ 298,539 $ 104,757,189 $ 1,251,705 $ 533,618 $ 3,252,156 $ 3,905,704
------------ ---------------- ------------- ----------- ------------ ------------
------------ ---------------- ------------- ----------- ------------ ------------
Merrill Lynch - 1994
--------------------------------------------------------------------------
Growth
Global Fund For
Utility Investment Healthcare Pacific Phoenix
Fund & Retirement Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ (281,987) $ (353,776) $ (240,687) $ (851,259) $ (995,430)
Dividends and interest 79,723 738,416 169,443 612,392 610,825
-------------- -------------- -------------- -------------- -------------
Total investment income (loss) (202,264) 384,640 (71,244) (238,867) (384,605)
Contributions and rollovers to the Plan 643,953 11,075,520 543,118 3,830,391 2,092,642
-------------- -------------- -------------- -------------- -------------
Total additions 441,689 11,460,160 471,874 3,591,524 1,708,037
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 181,213 2,251,500 62,419 630,252 263,991
Administrative expenses - - - - -
TRANSFERS AMONG FUNDS (407,361) 4,349,029 361,292 9,385,709 1,006,748
-------------- -------------- -------------- -------------- -------------
NET INCREASE (DECREASE) (146,885) 13,557,689 770,747 12,346,981 2,450,794
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 2,182,788 30,257,563 1,843,377 6,430,681 2,573,765
-------------- -------------- -------------- -------------- -------------
End of year $ 2,035,903 $ 43,815,252 $ 2,614,124 $ 18,777,662 $ 5,024,559
-------------- -------------- -------------- -------------- -------------
-------------- -------------- -------------- -------------- -------------
(Continued)
- 10 -
Merrill Lynch - 1994
--------------------------------------------------------------------------
Retirement Retirement Special Strategic
Preservation Reserves Value Dividend Technology
Trust Money Fund Fund Fund Fund
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ - $ (125,979) $ (24,664) $ 130,177
Dividends and interest 1,810,821 4,071,077 142,266 26,901 1,117,160
------------ ------------- ----------- ----------- -------------
Total investment income 1,810,821 4,071,077 16,287 2,237 1,247,337
Contributions and rollovers to the Plan 4,776,936 20,109,117 348,931 57,444 2,727,949
------------ ------------- ----------- ----------- -------------
Total additions 6,587,757 24,180,194 365,218 59,681 3,975,286
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees 2,671,821 13,314,696 30,676 11,476 424,785
Administrative expenses - - - - -
TRANSFERS AMONG FUNDS 12,691,120 8,828,376 1,047,051 36,760 7,710,458
------------ ------------- ----------- ----------- -------------
NET INCREASE (DECREASE) 16,607,056 19,693,874 1,381,593 84,965 11,260,959
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 21,429,638 97,936,543 451,266 75,994 2,939,545
------------ ------------- ----------- ----------- -------------
End of year $ 38,036,694 $ 117,630,417 $ 1,832,859 $ 160,959 $ 14,200,504
------------ ------------- ----------- ----------- -------------
------------ ------------- ----------- ----------- -------------
Cash
Management Employer
Account Contributions 1994
Money Fund Cash Receivable Total
ADDITIONS:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ - $ - $ - $ (63,775,881)
Dividends and interest 504,001 - - 49,348,652
------------ ----------- ----------- -----------------
Total investment income 504,001 - - (14,427,229)
Contributions and rollovers to the Plan - - - 161,328,391
------------ ----------- ----------- -----------------
Total additions 504,001 - - 146,901,162
DEDUCTIONS:
Disbursements of benefits to beneficiaries
or employees - - - 56,440,795
Administrative expenses 531,516 - - 531,516
TRANSFERS AMONG FUNDS (702,422) (5,506,849) (42,224) -
------------ ------------- ----------- -----------------
NET INCREASE (DECREASE) (729,937) (5,506,849) (42,224) 89,928,851
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 3,782,677 19,021,654 909,539 852,428,195
------------ ------------- ----------- -----------------
End of year $ 3,052,740 $ 13,514,805 $ 867,315 $ 942,357,046
------------ ------------- ----------- -----------------
------------ ------------- ----------- -----------------
* Party-in-interest as defined by ERISA.
(Concluded)
- 11 -
* * * * *
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
- ---------------------------------------------------------------------------------------------------------------------
Number of Market
Description Shares Cost Value
COMMON STOCK:
Merrill Lynch & Co., Inc.* 3,720,483 $ 125,070,585 $ 189,744,619
--------------- -------------
FUNDS AND TRUSTS:
GSIF U.S. Gov. Zero Coupon Bond Series 3 - Various Trusts 657,256 29,537,111 37,611,016
Merrill Lynch Balanced Fund for Investment and
Retirement 24,339 276,850 276,739
Merrill Lynch Basic Value Fund, Inc. 9,293,341 201,201,794 263,094,477
Merrill Lynch Capital Fund, Inc. 5,903,182 158,913,115 180,342,221
Merrill Lynch Corporate Bond Fund - High Income Portfolio 3,542,596 26,854,911 27,738,526
Merrill Lynch Corporate Bond Fund - Intermediate
Term Portfolio 668,888 7,524,474 7,892,874
Merrill Lynch Corporate Bond Fund - Investment Grade
Portfolio 3,557,877 40,940,585 42,125,258
Merrill Lynch Equity Index Trust 814,901 23,751,908 32,995,352
Merrill Lynch Euro Fund 828,227 12,012,281 11,818,806
Merrill Lynch Fund for Tomorrow 38,330 599,852 606,001
Merrill Lynch Global Allocation Fund, Inc. 9,899,623 127,217,248 137,406,762
Merrill Lynch Global Bond Fund for Investment
and Retirement 115,724 1,113,693 1,104,010
Merrill Lynch Global Convertible Fund 60,716 654,095 623,555
Merrill Lynch Global Holdings Fund 269,176 3,544,265 3,585,418
Merrill Lynch Global Resources Trust 206,288 3,241,258 3,405,812
Merrill Lynch Global Utility Fund 168,057 2,172,496 2,329,270
Merrill Lynch Growth Fund For Investment & Retirement 3,675,536 68,053,275 80,126,691
Merrill Lynch Healthcare Fund 1,054,876 4,247,635 5,253,280
Merrill Lynch Pacific Fund 1,593,329 34,256,516 35,308,179
Merrill Lynch Phoenix Fund 738,833 9,463,403 9,530,940
Merrill Lynch Retirement Preservation Trust 43,763,333 43,763,333 43,763,333
Merrill Lynch Retirement Reserves Money Fund 121,521,811 121,521,811 121,521,811
Merrill Lynch Special Value Fund 399,661 6,362,484 6,834,199
Merrill Lynch Strategic Dividend Fund 32,499 389,295 397,132
Merrill Lynch Technology Fund 4,066,226 22,206,312 21,144,376
Merrill Lynch Cash Management Account Money Fund 6,520,136 6,520,136 6,520,136
----------- -------------
Total Funds and Trusts 956,340,136 1,083,356,174
----------- -------------
TOTAL INVESTMENTS $ 1,081,410,721 $ 1,273,100,793
================ ================
* Party-in-interest as defined by ERISA.
- 12 -
THE MERRILL LYNCH & CO., INC.
401(k) SAVINGS & INVESTMENT PLAN
SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------
Cost of
Assets
Purchases Sales Sold Gain
COMMON STOCK:
Merrill Lynch & Co., Inc.* $ 58,984,131 (445) $ 48,321,564 (643) $ 29,739,458 $ 18,582,106
FUNDS:
Merrill Lynch Basic
Value Fund $ 52,751,002 (433) $ 22,902,439 (674) $ 18,598,280 $ 4,304,159
Merrill Lynch Capital
Fund $ 50,182,849 (430) $ 17,815,164 (687) $ 16,021,010 $ 1,794,154
Merrill Lynch Global
Allocation Fund, Inc. $ 45,207,603 (423) $ 24,646,513 (749) $ 23,608,203 $ 1,038,310
Merrill Lynch Retirement
Preservation Trust $ 40,195,771 (295) $ 34,469,429 (281) $ 34,469,429 $ -
Merrill Lynch Retirement
Reserves Money Fund $ 82,673,331 (315) $ 78,806,344 (302) $ 78,806,344 $ -
NOTES:
Reportable transactions, required to be reported herein, are defined in
Section 2520.103-6, Chapter XXV Title 29 (Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974).
The figures in parentheses represent the number of purchases or sales
included in the reported dollar amounts.
*Party-in-interest as defined by ERISA.
- 13 -
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
Merrill Lynch & Co., Inc.
We hereby consent to the use in this Form 11-K annual Report of our opinion
dated June 25, 1996 (relating to the financial statements of the Merrill Lynch &
Co., Inc. 401(k) Savings & Investment Plan) appearing in Item (a) of such Form
11-K.
New York, New York
June 25, 1996